Bank of Rajasthan launches tax saving deposit scheme

Mumbai, Sep 2 (UNI) Bank of Rajasthan (BOR) has introduced a new tax saving term deposit scheme named 'BOR Tax Saving Term Deposit Account-2006' which offers a higher rate of interest than the normal card rate.

Investments in this scheme are eligible for tax benefits under section 80C of the Income Tax Act, says a release issued by the bank here today. Under this scheme, any individual or Hindu-Undivided family can invest a minimum of Rs 100, and in multiples thereof, subject to a maximum of Rs 1 lakh, and can avail of tax benefits under section 80C of the Income Tax Act.

Under this scheme, the bank is offering a higher rate of interest than the normal card rate. The rate of interest offered is 8.25 per cent per annum for the general public and 8.75 per cent per annum for senior citizens.

The deposit will be accepted for a fixed term of 5 years and the interest will be paid either on maturity or on a monthly or quarterly basis, as per the option given by the depositor.

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